Osisko Mining Inc. (TSX: OSK) has entered into a memorandum of understanding with the Cree First Nation of Waswanipi (CFNW), pursuant to which the CFNW will transport hydroelectric power to the company's Windfall gold project, located in the James Bay region of Quebec.
The CFNW is expected to finance, build, own and operate a 120 kV transmission line that will transport hydroelectricity to the Windfall project and surrounding areas. As end user, Osisko will pay transportation fees to the CFNW.
Under the principal terms outlined in the MOU, this agreement will ensure the delivery of hydroelectricity to the Windfall project for a period of 18 years, with further extensions over the life of the Windfall mill. The MOU also solidifies the partnership approach between Osisko and the CFNW to natural resource development.
Additionally, using hydroelectric power through the final stages of exploration and throughout the construction and operations phases will reduce greenhouse gas emissions by reducing the Windfall project’s dependency on fossil fuels, Osisko stated.
"Osisko is proud to enter into this MOU with the Cree First Nation of Waswanipi, historically a new approach with respect to conducting business on Eeyou Istchee/James-Bay territory. The hydroelectric power transportation MOU is aligned with Osisko’s vision for sustainable development of natural resources, and with the CFNW’s vision of sustainable infrastructure within their traditional territory," Osisko's CEO and chairman John Burzynski commented.
“Osisko has consulted and worked with us as rightsholders since their acquisition of Windfall in August 2015. Their sustainable development approach is highlighted by the success of Miyuukaa Corp., our socio-economic development entity. This ownership opportunity is the culmination of years of mutual respect and collaboration. We are writing a new chapter in sustainable infrastructure development within the Eeyou Istchee/James Bay territory.” CFNW Chief Marcel Happyjack added.
Osisko recently announced that it would develop the Windfall project without Northern Star Resources (ASX: NST) after joint venture talks with the Australian miner had broken down. In January, the company also released its latest resource estimate for Windfall, giving the project a total of 6.8 million oz. gold (measured & indicated and inferred).
More information on the Windfall project can be found at www.osiskomining.com.
April 25, 2024
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